Kuwait, (Business News Report)|| Kuwait’s trade with Japan achieved a high surplus last May to be 3 times the surplus in the same month last year.
According to Japanese government data, Kuwait’s trade surplus in May increased by 202%, compared to the same month last year.
Kuwait’s trade surplus with Japan amounted to 112.9 billion yen (equivalent to $841 million), thanks to the rise in export bills.
The data reported by the Japanese Ministry of Finance in a preliminary report stated that Kuwait’s trade surplus with Japan remained positive for 14 years and four months.
Meanwhile, it added that the total Kuwaiti exports to Japan rose by 177.8% on an annual basis last month, reaching 127.3 billion yen ($948 million), rising for the 14th consecutive month.
Meanwhile, imports from Japan rose for the first time in two months by 69% to 14.4 billion yen ($107 million).
The data indicated that the Middle East’s trade surplus with Japan inflated last month by 155.8% to reach 1.1 trillion yen ($8 billion), with exports to Japan from the region growing by 129.7% compared to the previous year.
The data explained that crude oil, refined products, liquefied natural gas and other natural resources, which represent 94.6% of the region’s total exports to Japan, rose last month by 136.7%.
The region’s imports from Japan increased by 43.4% due to demand for cars, manufactured goods and electrical machinery.
According to the data, exports from the world’s third largest economy rose 15.8% from the previous year thanks to strong demand for shipments of steel, mineral fuels and semiconductor components.
In a separate context, a Kuwaiti official affirmed that the state keeps pace with rapid developments related to consumer protection and that it has laws, legislation and regulations that have been used in this regard during the Coronavirus pandemic to confront the high global prices.
Director of the Technical Department of the Advisory Committee for Supervision of Goods at the Ministry of Commerce and Industry in Kuwait Faisal Al-Ansari said that Kuwait and the Gulf countries are coordinating with Arab countries to set controls on electronic commerce in order to protect Kuwaiti, Gulf and Arab consumers in general.